Blog Entry

Perkins agrees to extension with Thunder

Posted on: March 1, 2011 10:46 am
Edited on: March 1, 2011 11:14 am
Kendrick Perkins agrees to four-year extension with Oklahoma City Thunder
Posted by Matt Moore

Well, that didn't take long. Less than a week after being traded to Oklahoma City from the Boston Celtics, Kendrick Perkins will be a Thunder for the foreseeable future. The Thunder announced Tuesday they have reach an agreement on a multi-year extension with Perkins. Terms of the deal were not released in the official announcement, and haven't been leaked yet. When they are, we'll let you know. (Update: Yahoo! reports it's a 4-year, $34.8 million extension. Which is, you know, a lot.)

Multiple reports earlier this year suggested Perkins rejected a 4-year, $22 million max-extension with the Celtics. Why he would turn down that extension and sign this one will be the subject of considerable debate. The answer lies in the long-term planning of the Thunder. The Thunder have managed to keep themselves under the cap despite a considerable roster and a contending team. That room under the cap is what gave them the flexibility to renegotiate Perkins' contract, to allow for what is likely a greater extension. From a few days ago:

By simultaneously acquiring cap space with the underpaid Kenny Perk, OKC can now do a Baltche with him. OKC can use their cap space to renegotiate Perkins's current $4,640,208 salary up to as much $6,696,720. From there, they can concurrently offer a new four year extension totalling a a maximum of $33,818,436, or any number below that that they feel happier with.

Add in the extra negotiated salary, and that's over $35 million for four years that OKC can theoretically offer him, as-near-as-is $9 million per. In contrast, Boston could only offer circa $6 million per. It's a significant difference.

If Perkins thinks he can get that much on the open market, he's wrong. He's not even worth that much, especially with his current injury concerns. Yet if OKC anticipates his return to full health, and wants to tie in the defensive centrepiece that they have thus far lacked during the entire Kevin Durant era without running the risk of him hitting the open market, they can do so right now.

But they'll also have to do so right now.

Because there's a problem.

They only have until March 1st to do it.

So they'd better impress him quickly.
via Tax Payers, Trade Kickers, And Other Deadline Day Bookkeeping.

If OKC did not dramatically alter the terms of his deal in order to give him more money in the extension, then the issue with the Celtics likely came down to one of guaranteed money. If the Celtics wanted to keep his fourth year in a team option or as unguaranteed, for example, Perkins may have decided to test the open market instead to get that kind of stability. Oklahoma City's medical staff signed off on the trade of Perkins to OKC so they must not be concerned about his issues in his knees, even after missing eight months with an ACL tear and subsequent surgery. 

The Thunder have their man, and they just locked him up long-term. With Russell Westbrook soon to be extended and eventually Serge Ibaka as well, the Thunder have a core in place to contend. Now we'll have to see if they struck on time and on target. They look every bit the contender many thought they would be, though.

Since: Oct 2, 2007
Posted on: March 1, 2011 10:48 pm

Perkins agrees to extension with Thunder

Perkins rejected the offer from the Celtics who were offering a few million less then what he got from OKC so it's safe to say this was about the money and in this case I would have to say good for Perkins! First of we have a 99% possibility of a lock out which is coming from Billy Hunter who is the Players Union Chief. So for all NBA players who are under contract this is better then not having a contract because you know where you are and still covered. Second is the fact that he will make more money if and when the lock-out does happen and end which leads to a third bonus for Perkins. He didn't sign with just any team willing to spend money with no real plan in mind but he signed with a team that is young and  full of wonderful talent and promise as well as all the key players being under contract for the foreseeable future.  In the end we must  realize the NBA is a business. Perkins would have rather stayed in Boston and you can tell the fans wanted him to stay  as well as it not being an easy decision for Danny Ainge to make but Perkins did what he needed to do and both teams seem to have made out just fine on this transaction as well as Perkins.

Since: Mar 1, 2011
Posted on: March 1, 2011 8:04 pm

Perkins agrees to extension with Thunder

nice pickup for OKC. They needed another good solid big man cuz durant couldn't do it all

Since: Nov 12, 2006
Posted on: March 1, 2011 6:27 pm

Perkins agrees to extension with Thunder

Can you please define "reconded"?
Seriously?  This is what you brought to the thread.  So, he misspelled "reckoned".  Get over it.

Since: Jul 29, 2008
Posted on: March 1, 2011 6:26 pm

Perkins agrees to extension with Thunder

Good signing for OKC, they needed the added toughness and defensive presence.

Since: Nov 12, 2006
Posted on: March 1, 2011 6:24 pm

Perkins agrees to extension with Thunder

radeksrat, what a horrible post.  A guy can wish to remain in one job and realize how stupid it would be for him to do so at the same time.  Perkins would have to be a complete moron to give up more than 50% in salary to remain with a team that MIGHT have 1 or 2 years of contending left for a team that MIGHT have 4-7 years of contending ahead of them.

The Celtics have done what the Thunder haven't, but they're both dangerous this year.  I think most people would agree the current Thunder roster gives them a brighter future than the Celtics down the road.  The money difference is a HUGE one.  If he were 7 years old I could see him staying because he doesn't want to leave his friends behind, but he's a grown man.  The decision makes perfect sense.

Since: Sep 2, 2006
Posted on: March 1, 2011 5:00 pm

Perkins agrees to extension with Thunder


You are a moron.  But you already knew that

Since: Jun 22, 2008
Posted on: March 1, 2011 4:55 pm

Perkins agrees to extension with Thunder

radeksrat, before you post your next post, kindly get a clue. When you look for a new job, do you take one that pays you significantly less than you're worth or less than another company is offering for the same job? I know I sure as hell don't. Maybe a little less, but this is not a little less. As someone else pointed out, it works out to about 50% more than what Boston was able or willing to offer. That's a no-brainer for anyone who isn't a hater without a clue.
How about you stop being a homer for a second and read carefully.  I don't hate Kendrick Perkins, I never said I did.  In fact, after hearing his reactions to being traded a gained a lot of respect for him until I read this.

But you're missing my point.  For one, your analogy is not even close because none of us here have to choose between $5.5 milllion a year and $8.7 million.  Yeah, it's a large increase in money on an absolute scale and relatively large increase from the Celtics offer, but $22 million before or after taxes is more than all but less than 1% of the US will make their entire lives. 

If you or I were given a 50% increase in salary it would likely be life changing or at the very least allow us to live far more comfortably.  The past 5 seasons Perkins has made just under $19 million, and if he had taken the Celtics offer he'd have made over $40 million for his career.  Perkins can live comfortably either way, and if he felt insulted or undervalued by the Celtics then that's on him because most people would agree that OKC offered him a lot more than what he's actually worth.

The fact is Perkins had a chance to stay with Boston and make more money than you or I could ever dream of.  He didn't, and then was alledgedly devastated when he got traded to OKC.  Then he signed an extension with OKC for even more money than you or I could dream of when he could have waited for his contract to expired and re-sign with them next year. 

But I guess Perkins is having the same problem as Latrell Sprewell and can't feed his family on less than $5 million a year and I'm just being a hater.   

Since: Nov 7, 2006
Posted on: March 1, 2011 4:37 pm

Perkins agrees to extension with Thunder

Sheesh, settle down, man.  Angry much?

Since: Jan 13, 2011
Posted on: March 1, 2011 4:06 pm

Perkins agrees to extension with Thunder

"maybe we'll see him again in the finals.  Now that would make for an interesting twist to this story."

Mmmm I like that. If Green and Kristic are playing in finals against the T
hunder, I say THAT is a hgih rated series!

Since: Feb 10, 2007
Posted on: March 1, 2011 3:00 pm

Perkins agrees to extension with Thunder

I also think part of the reason the Thunder made this move was so that Perk wouldn't play tenatively for the remainder of this season with his FA looming so close.  He may have held back for fear of further injury.  Now he can go full tilt once he's cleared to go with no worries of a serious injury prior to his free agency.  Why would the Thunder really care that much about Perk .. well .. it's getting your full value out of him.  If his mind is free and clear to go all out without worry THIS YEAR, they gain one more run in the playoffs with him going all out.  Without this contract, Perk would have certainly played much more cautiously and the Thunder would have had a less effective player in this year's playoffs.   That said, if Perks knees never recover or they get worse again, the Thunder will have truly shot themselves in the foot.   So the only thing you can really say on this is, time will tell.  If Perk stays healthy, the Thunder made a great move ... if he continues to be injury prone and ends up a hobbling big man ala Oden, they may have killed their chances in the long run.   We'll see.  As he is an ex-Celts and it was purely about business concerning the Celts, I do wish the best for Perk and who knows, maybe we'll see him again in the finals.  Now that would make for an interesting twist to this story.  

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